The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Monetary Policy Strategies
Abstract
The merits of rules and discretion for monetary policy are considered when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. When it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time-consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against some types of simple rules lose their force under a mixed strategy.
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Citations
Cites
The Optimal Degree of Commitment to an Intermediate Monetary Target
Rogoff, K. (1985) · The Quarterly Journal of Economics · doi:10.2307/1885679 · Cited by 3,688
Rules, discretion and reputation in a model of monetary policy
Barro, R. J., & Gordon, D. B. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90051-x · Cited by 3,610
Cited by
Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts
Svensson, L. E. O. (1995) · National Bureau of Economic Research · doi:10.3386/w5251 · Cited by 593
Designing institutions for monetary stability
Persson, T., & Tabellini, G. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90003-f · Cited by 554
Political System Transparency and Monetary Commitment Regimes
Broz, J. L. (2002) · International Organization · doi:10.1162/002081802760403801 · Cited by 301
Metadata
- Authors
- Flood, R. P., & Isard, P.
- Venue
- Staff Papers - International Monetary Fund
- Published
- 1989-09
- Volume
- 36
- Issue
- 3
- Pages
- 612
- ISSN
- 0020-8027 (ISSN-L)
- OpenAlex
- W3122838902
- Cited by
- 167
- References
- 2
- FWCI
- 11.48
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
